For his second Executive Decision segment of "Mad Money" Thursday, host Jim Cramer spoke with Aneel Bhusri, co-founder and once again co-CEO of Workday Inc. (WDAY) , a cloud software provider with shares up since reporting strong quarterly results.
Bhusri said even during the pandemic companies are finding that payroll, human resource and planning software are critical to their missions. That's how Workday is still able to provide guidance about its business.
When asked how Workday was able to win so much new business in the middle of a pandemic, Bhusri said it has many happy customers that provide strong references. He said the move to the cloud is ongoing and even challenged industries are seeing the benefits and cost savings of modern cloud applications.
We looked at the charts of WDAY last May 28 and saw the potential for a rally to $190, but the trade set-up was not particularly attractive versus the risk. Let's check out the charts of WDAY again here on Friday.
In this daily bar chart of WDAY, below, we can see that prices reached our $190 target in July before correcting into August and subsequently shooting up to new highs. Prices are above the rising 50-day moving average line as well as the rising 200-day moving average line. A bullish golden cross can be seen in late June.
The On-Balance-Volume (OBV) line has moved up to a new high, too, and confirms the new price highs as buyers of WDAY have been more aggressive with heavier volume traded on days when the stock has closed higher. This month the Moving Average Convergence Divergence (MACD) oscillator turned upward from just below the zero line for a fresh outright buy signal.